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Privatization of Air France:A Test of The Stakeholder Corporate Governance Theory;La privatisation d'Air France : un test de la théorie de la gouvernance partenariale

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Abstract

La théorie de la gouvernance partenariale permet de renouveler la lecture de la privatisation encore très controversée aujourd'hui. Nous proposons de tester le modèle organisationnel de ce phénomène issu de l'application du cadre théorique de la gouvernance à partir de l'étude du cas d'Air France partiellement privatisée en 1999. Cette étude illustre l'impact organisationnel de la privatisation sur le processus décisionnel et sur le système de gouvernance de l'entreprise, entamé bien avant l'ouverture du capital. Cette transformation organisationnelle dans le cas d'Air France semble avoir eu un impact variable (quantitativement et qualitativement) sur la valeur appropriable par chaque partenaire. Nous concluons sur la plausibilité des hypothèses de la théorie de la gouvernance, comme théorie du comportement adaptatif des organisations. The stakeholder approach of the corporate governance theory suggests a renewal of the analysis of privatization which is still much debated nowadays. We test the organizational model of that phenomenon as the application of the theory predicts it with the case study of Air France, partially privatized in 1999. The case shows the organizational impacts of privatization, both on the decision-making-process and the corporate governance system, well begun before the public offering by the French State. Organizational dynamics in the specific case of Air France, seem to have a variable impact (quantitatively and qualitatively) on the appropriable value by each stakeholder. We conclude about the plausibility of the hypothesis of the corporate governance theory, as a theory of the adaptative behavior of organizations.

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Paper provided by Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations in its series Working Papers CREGO with number 1030103.

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Length: 39 pages
Date of creation: Jan 2003
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Handle: RePEc:dij:wpfarg:1030103

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Postal: 2 Bd Gabriel, BP 26611, 21066 Dijon Cedex, France

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Postal: Angèle Renaud, CREGO, 2 Bd Gabriel, BP 26611, 21066 Dijon Cedex, France
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Keywords: gouvernance; processus décisionnel; efficience; privatisation; valeur partenariale; corporate governance; decision-making process; efficiency; privatization; stakeholder value;

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  1. Gérard Charreaux & Philippe Desbrières, 1998. "Gouvernance des entreprises:valeur partenariale contre valeur actionnariale," Revue Finance Contrôle Stratégie, revues.org, vol. 1(2), pages 57-88, June.
  2. Carine Catelin & Céline Chatelin, 2001. "Privatisation, gouvernement d'entreprise et processus décisionnel:une interprétation de la dynamique organisationnelle à travers le cas France Télécom," Revue Finance Contrôle Stratégie, revues.org, vol. 4(2), pages 63-90, March.
  3. James A. Brickley & Clifford W. Smith & Jerold L. Zimmerman, 1997. "Management Fads And Organizational Architecture," Journal of Applied Corporate Finance, Morgan Stanley, vol. 10(2), pages 24-39.
  4. Vining, Aidan R & Boardman, Anthony E, 1992. " Ownership versus Competition: Efficiency in Public Enterprise," Public Choice, Springer, vol. 73(2), pages 205-39, March.
  5. Gérard Charreaux, 1998. "La théorie positive de l'agence:lecture et relectures..," Working Papers CREGO 0980901, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
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